The five club officials met with with American billionaire Stephen Ross - the owner of Miami Dolphins NFL team - and were reported to have discussed the possibility of joining a European Super League.

An invitation-only continental super league - also featuring the likes of Barcelona, AC Milan, Real Madrid, Bayern Munich and Olympiacos - would all but spell the end of the UEFA Champions League, and hugely damage the Premier League.

But an Arsenal spokesman, while confirming a meeting took place, denied they were discussing a breakaway.

Advocate: Karl-Heinz Rummenigge, CEO of Bayern Munich, is keen on a European Super League (Photo: Alexander Hassenstein)

He said: "We are strongly opposed to any breakaway.

"Not Arsenal, nor any clubs at the meeting, are seeking changes to the Premier League and European landscape and no conversations surrounding displacing the Premier League or starting a European Super League took place.

"Discussions were primarily around the ICC and formats of European competitions that would compliment the existing Premier League."

Chelsea and Manchester United also denied interest in leaving the Premier League.

The potential departure of five of the country's biggest clubs from the domestic game would mark the biggest carve up in English football since the inception of the Premier League in 1992.

ESL: A breakaway would see Europe's biggest club's compete in an invitation-only league (Photo: Shaun Botterill)

It would not just be a hammer blow to the Premier League but also to UEFA, who already find themselves at loggerheads with the European Club Association.

The ECA are keen for UEFA to revamp the Champions League, with its cabal - led by AC Milan and Bayern Munich - wanting Europe's premier club competition to be more of a closed shop, with guaranteed places for the clubs who have the greatest TV appeal.

That includes the likes of United, Liverpool and Chelsea - as well as Milan, who haven't qualified since 2013. All are struggling in the top flight this term and face a real struggle to qualify for next season's competition.

Ross, a 75-year-old real estate mogul with a net worth of £4.8billion, is the brains behind the operation.

The Miami Dolphins owner has been a key player behind the International Champions Cup series, the pre-season competition which has seen the likes of Real Madrid fly to Australia, United face Barcelona in San Francisco and will take City to China this summer.

Centre stage: Man City and Real Madrid playing each other in the Champions League (Photo: AFP/Getty)

An agreement over a new competition would stop the clubs missing out on the Champions League millions whenever they fail to qualify.

The Premier League's new TV deal has again reached extraordinary levels - a guaranteed £100million per club for the next three years.

But a breakaway featuring the continent's elite would unquestionably have a negative effect on that, and in turn those clubs left behind.